In a debt recovery application, the Debts Recovery Tribunal allowed the bank's claim for outstanding dues from a borrower and guarantor who failed to repay a commercial vehicle loan, adjusting claimed charges and interest rates.
Recovery of Rs.26,55,473/- with future interest @9% per annum; right to sell hypothecated vehicle; issuance of recovery certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 01.03.2022 Registered on: 29.03.2022 Decided on: 07.09.2023 Duration: Y M D 1 6 6
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.350/2022
Yes Bank Ltd.,
A Banking Company within the meaning of Section 5 C of the Banking Regulation Act, 1949 and constituted under Companies Act, 1956 having its Registered Office at 9th Floor, Discovery of India, Nehru Centre, Dr. Annie Besant Road, Worli, Mumbai – 400 018 and Branch Office amongst others at Erandawana Branch, Pune – 411 004.
… Applicant
Versus
…Defendants
APPEARANCES
For the Applicant Mr. Pradip Yadav - Advocate For Defendants Ex parte
(OA No.350/2022)
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[KAUR]
TOTAL CLAIM AMOUNT –Rs.27,17,563.05Ps
JUDGMENT
(Delivered on 7th September, 2023)
Defendant No.1 as borrower approached the applicant Bank seeking financial assistance by way of Commercial Vehicle Loan. As per the loan application, the applicant Bank sanctioned and disbursed the Commercial Vehicle Loan of Rs.29,79,400/- to defendant No.1 for purchasing Commercial Vehicle. Defendant No.2 stood as guarantor to the said loan facility granted to defendant No.1 by the applicant Bank.
The defendant No.1 executed Loan Agreement and agreed to repay the said Loan of Rs.29,79,400/- in 60 Monthly Installments of Rs.63,850/-. In order to further secure the aforesaid loan, defendants hypothecated Commercial Vehicle namely TATA 3718 bearing RTO Registration No.MH-14-HG9879 in favour of the applicant Bank. Defendant No.2 also executed and handover Letter of Guarantee in favour of the applicant Bank.
(OA No.350/2022)
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[KAUR]
(OA No.350/2022)
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[KAUR]
application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.
Hence, I pass the following order:-
ORDER
(A) Original Application No.350/2022 is allowed with costs.
(B) Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.26,55,473/- (Rupees Twenty-Six Lakhs FiftyFive Thousand Four Hundred and Seventy-Three only) with future interest @9% per annum from
(OA No.350/2022)
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[KAUR]
the date of filing of the Original Application i.e. 1st March, 2022 till payment/realization of the amount mentioned in this operative order.
Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date: 07.09.2023 Debts Recovery Tribunal, Pune
(OA No.350/2022)
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[KAUR]
2 issues framed by the court
Whether the applicant bank is entitled to recovery of loan dues from the defendant borrower and guarantor.
Whether the disputed cheque bounce charges and other charges should be included in the claim amount.
1 provisions across 1 enactments
Yes Bank Ltd.
Dilip G Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
